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Best World International increases equity interest in subsidiary for RM1.13m
BEST World International announced after trading hours on Wednesday that it has acquired a 22.5 per cent equity interest in Best World Lifestyle, a company incorporated in Malaysia, for a cash consideration of RM1.13 million (S$369,700).
Upon completion of the acquisition, the company's equity interest in Best World Lifestyle will increase from 77.5 per cent to 100 per cent. It will then become a wholly owned subsidiary of the company.
The seller is Zolkefly bin Haron, a director of Best World Lifestyle. The consideration sum took into account the unaudited book value and net tangible asset value of the shares involved.
The acquisition is funded through internal resources, and is not expected to have any material impact on the consolidated net tangible assets per share or consolidated earnings per share of the company for the financial year ending Dec 31, 2017.